and favorable FX on foreign currency sales also contributed to the overall increase in revenue.

and favorable fx on foreign currency sales also contributed to the overall increase in revenue


business acumen and strategic expertise have helped Cable ONE evolved into a leading broadband communications provider.

business acumen and strategic expertise has helped cable one evolve into a leading broadband communications provider


And it's really nothing more than the fact that under 50, we're -- we were

and it's really nothing more than the fact that under 50 we were


I believe this partnership will help even better position us to execute on our strategic priorities, and I'm very excited to have Michael join our board.

i believe this partnership will help even better position us to execute on our strategic priorities and i'm very excited to have michael join our board


And given the already uncertain macro, it was interesting for us to test it in such fashion.

and given the already uncertain macro it was interesting for us to test it in such fashion


The realignment is also creating significant reductions in our operating costs, with further enhancements on the drilling board.

the realignment is also creating significant reductions in our operating costs with further enhancements on the drawing board


There have been no new developments and as of today, service of the initiating papers in these actions has not been made on the company.

there have been no new developments and as of today service of the initiating papers in these actions has not been made on the company


By raising this additional capital, we positioned ourselves to continue clinical and manufacturing activities

by raising this additional capital we positioned ourselves to continue clinical and manufacturing activities


where there is a question around the financial situations of the customers, but also about the valuation of the current asset.

where there is a question around the financial situations of the customers but also about the valuation of the current asset


which provides us with a visible cash flow steam to execute on our current development plan while minimizing the need to lean on our balance sheet.

which provides us with a visible cash flow stream to execute on our current development plan while minimizing the need to lean on our balance sheet


We believe that the implementation of our standardized in-store operating procedures and brand standards across our store base,

we believe that the implementation of our standardized in-store operating procedures and brand standards across our store base


probably down low-single digits in the first part of January when we had that consistently mild weather that we saw also in December.

probably down low single digits in the first part of january when we had that consistently mild weather that we saw also in december


business, and we have more to do to take cost and scale and quality out of this.

business and we have more to do to take cost and scale and quality out of this


So we see that really as a key driver from a marketing perspective of, I'll say, a, bringing a lot more members into our ecosystem.

so we see that really as a key driver from a marketing perspective of obviously a bringing a lot more members into our ecosystem


give us your thoughts as to why these things would be happening that you'd be above your long-term margin target

give us your thoughts as to why that these things would be happening that you'd be above your long-term margin target


Their comments will be based on the earnings release, which was issued yesterday. A copy of the long version is available on the corporate website.

their comments will be based on the earnings release which was issued yesterday a copy of the long version is available on the corporate website


Restructuring as opposed to defensive restructuring. And as we move into an offensive structuring, we think about how do we make our company even

restructuring as opposed to defensive restructuring and as we move into an offensive restructuring we think about how do we make our company even


That is something that obviously is very much depending on the reference of the turnover, turnover with our current

that is something that obviously is very much depending on the reference of the turnover turnover with our current


But how is it possible that people still insisting losing money? In practical terms as acquiring

but how is it possible that people still insisting losing money in practical terms as acquiring


We just want to be clear that it's the inventory in the channel and it was combined with that drought in the early stages of the

yes we just want to be clear that it's the inventory in the channel and it was combined with that drought in the early stages of the


And we're currently working through the preclinical studies for the data package that will be used to determine our readiness for our first-in-human trial.

and we're currently working through the preclinical studies for the data package that will be used to determine our readiness for a first-in-human trial


number three, you have nuclear plants upstate that while they're being supported now by this concept of ZECs, zero energy credits,

number three you have nuclear plants upstate that while they're being supported now by this concept of zec zero energy credits


So we are not yet out of the big issues we have had in the Americas, but at least we see

so we are not yet out of the big issues we have had in americas but at least we see


It is my deep belief that corporate strategy is a movie and not a photo.

it is my deep belief that corporate strategy is a movie and not a photo


I think the good news on nutrition is that the improvement here in the second quarter is fairly broad-based.

i think the good news on nutrition is that the improvement here in the second quarter is fairly broad-based


mandated government discounts and the discounts that we expect to be earned on our volume-based contracts with providers


a mix of different requirements that we really have to fulfill. One of the aspects that was really important for me is the

it's a mix of different requirements that we really have to fulfill one of the aspects that was really important to me is the


Got it. And are there other things that you can point out specifically as far as the areas where you're seeing the decreases

got it and are there any things that you can point out specifically as far as the areas where you're seeing the decreases


there was some risk there in our ability to exit assets at that coverage. And so we said, we'll give you that rent cut now,

there was some risk there that our ability to exit assets at that coverage and so we said we'll give you that rent cut now


completing our pivotal donepezil study, with treatment finishing in February and top line data in the second calendar quarter,

completing our pivotal donepezil study with treatment finishing in february and top line data in the second calendar quarter


that we will face a real capacity crisis in the air because it takes longer and longer


Just as we remain as busy as ever at corporate trying to build a larger, more efficient and more profitable company,

just as we remain as busy as ever at corporate trying to build a larger more efficient and more profitable company


It's important to note that the projects we are gearing up for redevelopment are creating over a 100 basis point drag on occupancy,

it's important to note that the projects we are gearing up for redevelopment are creating over 100 basis point drag on occupancy


more should be seen I guess over the next year or so and if there's additional opportunities for cost savings going forward?

more should be seen i guess over the next year or so and if there's additional opportunities for cost savings going forward


I would imagine your pension liabilities will grow given the interest rates -- interest rate environment that we're in.

i would imagine your pension liabilities will grow given the interest rates -- interest rate environment that we're in


We're also working in parallel with our clinical CRO, that is our full contract research organization,

we're also working in parallel with our clinical cro that is our full contract research organization


Our commercial efforts are now fully allocated to the new business model, and the results just described are extremely encouraging.

our commercial efforts are now fully allocated to the new business model and the results just described are extremely encouraging


This project has been developed collaboratively with our client for the past year and will utilize primarily nonunion labor.

this project has been developed collaboratively with our client for the past year and will utilize primarily nonunion labor


the bar continues to rise each time you take a layer of these off. So now that the team is focused on a fewer, more meaningful set,

the bar continues to rise each time you take a layer of these off so now that the team is focused on a fewer more meaningful set


In the first quarter, we experienced similarly unfavorable market conditions, intensified by additional cost pressure

in the first quarter we experienced similarly unfavorable market conditions intensified by additional cost pressure


we expect all board members to serve out their current terms, and that includes

we expect all board members to serve out their current terms and that includes


which impacts our revenue, but is ultimately a positive development for our clients and for our PEO prospects.

which impacts our revenue but is ultimately a positive development for our clients and for our peo prospects


Also, because our service teams work closely with our clients, we monitor various other metrics and operating statistics

also because our service teams work closely with our clients we monitor various other metrics and operating statistics


market reflection of where they think short-term LIBOR is going over the 12 months. But during that 12-month period, for those particular

market reflection of where they think short-term libor is going over the 12 months but during that 12-month period for those particular


as the industrial markets represent a breadth of product opportunities for us, both through organic market penetration, potential acquisitions and

as the industrial markets represent a breadth of product opportunities for us both through organic market penetration potential acquisitions and


But as I mentioned earlier, I think our target growth model of midteens will have a combination of

but as i mentioned earlier i think our target growth model of mid-teens will have a combination of


gotten done, particularly in the auto sector and the spreads in that market have not widened

gotten done particularly in the auto sector and the spreads in that market have not widened


We've been supporting our online ordering through marketing efforts such as our Leap the Line promotion on Leap Day this February.

we've been supporting our online ordering through marketing efforts such as our leap the line promotion on leap day this february


and increased mobile data allowances. We expect to benefit from better profitability and higher customer loyalty.

and increased mobile data allowances we expect to benefit from better profitability and higher customer loyalty


what will be the impact or how they will ultimately proceed. They're trying to figure that out. So we recognize that is very uncertain.

what will be the impact or how they will ultimately proceed they're trying to figure that out so we recognize that it's very uncertain


And in connection with adopting the new standard on revenue recognition, the company will now record universal service

and in connection with adopting the new standard on revenue recognition the company will now record universal service


was approximately 1%. This is a significant accomplishment, and we feel we are well positioned for continued

was approximately 1% this is a significant accomplishment and we feel we are well positioned for continued


So the orders in the third quarter were related to other parts in those

so the orders in the third quarter were related to other parts in those


As usual, this conference call will be recorded and is available for replay. Let me now hand over to you, Gregor.

as usual this conference call will be recorded and is available for replay let me now hand over to you gregor


Good afternoon. My name is Jackie, and I will be your conference operator today.

good afternoon my name is jackie and i will be your conference operator today


are looking forward to a nice, easy year with minimal challenges and hopefully more opportunities.

and are looking forward to a nice easy year with minimal challenges and hopefully more opportunities


including those associated with our avacopan commercialization planning efforts and increased professional fees.


That's the key, right? And so that's why we're doing a couple of wells this year to make sure that our thesis on how to do that accurately

that's the key right and so that's why we're doing a couple of wells this year to make sure that our thesis on how to do that accurately


However, our focus on generating liquidity this year has impacted overall profitability.

however our focus on generating liquidity this year has impacted overall profitability


So from the numbers we've seen this year, they're getting back to 80% of the unit volume on the client side of the previous peak.

so from the numbers we've seen this year they're getting back to 80% of the unit volume on the client side of the previous peak


These and other efforts culminated in several critical accomplishments over the past 12 months

these and other efforts culminated in several critical accomplishments over the past 12 months


tilting towards proactive investment in terms of footprint expansion, product enhancement and infrastructure build

tilting towards proactive investment in terms of footprint expansion product enhancement and infrastructure build


and we did it while maintaining a relentless focus on the financial health and well-being of the company.


pass on that 30% or so to the driver? And can you talk to some of the other cost savings and how they might temper that outlook?

pass on that 30% or so to the driver and can you talk to some of the other cost items and how they might temper that outlook


you, and I'm showing no further questions at this time. I would now like to turn the call back to Mr. Daniel Harris for closing remarks.

thank you and i'm showing no further questions at this time i would now like to turn the call back to mr daniel harris for closing remarks


we calculate the last full quarter of run rate revenue and annualize to determine the adverse impact on revenue over the next 12 months.

we calculate the last full quarter of run rate revenue and annualized to determine the adverse impact on revenue over the next 12 months


And also another scene in the video, you might have much balance and you might not use and then you can buy

and also another scene in the video you might have much balance and you might not use and then you can buy


The stability and quality of content through these locations is higher, which improves customer experience.

the stability and quality of content through these locations is higher which improves customer experience


Sentiment among our customers and suppliers remains relatively stable, but there is still a fair amount of broader market uncertainty.

sentiment among our customers and suppliers remains relatively stable but there is still a fair amount of broader market uncertainty


the subordinate securities on the single borrower hotel deals. I was wondering if you could give a little bit more color on

the subordinate securities on the single-borrower hotel deals i was wondering if you could give a little bit more color on


Turning now to our Consumer business and the evolution of our growth by quarters and for the full year.

turning now to our consumer business and the evolution of our growth by quarters and for the full year


Our Omni-channel approach provides us with a low-cost way to reach new customers and strengthen relationships with existing customers.

our omni-channel approach provides us with a low-cost way to reach new customers and strengthen relationships with existing customers


What we did was take some of the activities that we had been doing outside, move them inside under a great leader,

what we did was take some of the activities that we had been doing outside move them inside into a great leader


knowledge, just because I know that some of the sites we had toured a couple of years ago, was a question, of some of the stores needed to be refreshed, but some of them

knowledge just because i know that some of the sites that we had toured a couple of years ago it was a question of some of the stores needed to be refreshed but some of them


Not a surprise that it will happen, always a surprise when it happens because it's very difficult to time these things.

not a surprise that it will happen always a surprise when it happens because it's very difficult to time these things


We are in a very strong position in our view given the fact that we focus exclusively on these kind of food

we are in a very strong position in our view given the fact that we focus exclusively on these kind of food


is one of our October openings in Mississippi, which was among the strongest initial performances this year.

is one of our october openings in mississippi which was among the strongest initial performances this year


And then you have other people in the beauty and be rated like we are on the debt side of the equation, which is

and then you have other people in the beauty -- and be rated like we are on the debt side of the equation which is


historically, efficient mechanisms to do that. So tax reform does not change that in any significant way.

historically efficient mechanisms to do that so tax reform does not change that in any significant way


This is a net reclassification in both years between the operating and financing sections of our cash flow statement.

this is a net reclassification in both years between the operating and financing sections of our cash flow statement


good housekeeping seal of approval for pipe transactions. A single joint of OCTG pipe may be inspected several times through its life.

good housekeeping seal of approval for pipe transactions a single joint of octg pipe may be inspected several times through its life


products, services and our brand in order to position ourselves for sustainable revenue growth

products services and our brand in order to position ourselves for sustainable revenue growth


Okay. Any tariff issues presenting any headwinds for you guys at all at this point?

okay any tariff issues presenting any headwinds for you guys at all at this point


In order to avoid a repeat of what happened in the first quarter, we have re-prioritized and accelerated improvements

in order to avoid a repeat of what happened in the first quarter we have reprioritized and accelerated improvements


by reentering and completing 1 or 2 of the previously drilled exploration wells and drilling a new well


So they're -- inside holders have ownership both of Ares through a private partnership as well as

so there -- inside holders have ownership both of ares through a private partnership as well as


Today, I will reiterate our incremental growth objectives and give you a progress report on these initiatives.

today i will reiterate our incremental growth objectives and give you a progress report on these initiatives


how soon till that might get to the point that it could offset the losses from the continuing FDA trials here?

how soon until that might get to the point that it could offset the losses from the continuing fda trials here


At INOMAX, growth continues to be driven by strong demand and contract renewals at or above historic levels,

on inomax growth continues to be driven by strong demand and contract renewals at or above historic levels


Why are you suggesting that improvement wouldn't happen until back half of the year? It seems as if,

why are you suggesting that improvement wouldn't happen until back half of the year it seems as if


but also means that any organic or acquisition growth that occurs becomes purely accretive rather than replacement type in nature.


to better utilize our facilities and lower our overall cost, and we are on track to close that operation by year-end.

to better utilize our facilities and lower our overall costs and we are on track to close that operation by year-end


just sort of looking at the results this morning and listening to some of your commentary, I'm not sure I have a full understanding of kind of what

we're just sort of looking at the results this morning and listening to some of your commentary i'm not sure i have a full understanding of kind of what


I think the best person to answer that question would be Brian Kaspar. And, Brian, maybe you can just give a little perspective on

yes i think the best person to answer that question would be brian kaspar and brian maybe you can just give a little perspective on


I don't know if churn will ever go to 0. I can tell you our goal as a company is to be as flat as we can and also grow.

i don't know if churn will ever go to 0 i can tell you our goal as a company is to be as flat as we can and also grow


On the cost side, it's a matter of continuing the excellent leadership that we have in that area.

on the cost side it's a matter of continuing the excellent leadership that we have in that area


as said a couple of times already today, our dividend policy remains unchanged. We aim to pay progressive dividends

as said a couple of times already today our dividend policy remains unchanged we aim to pay progressive dividends


were always already taken into account in the adjusted net debt that we used to calculate the leverage on.

we're always already taking into account in the adjusted net debt that we use to calculate the leverage on


We expect premium games to be an ongoing area of growth in terms of installations and daily win per unit going forward.

we expect premium games to be an ongoing area of growth in terms of installations and daily win per unit going forward


Mining sales were up in the quarter both year-over-year and sequentially as maintenance spending continues to improve.

mining sales were up in the quarter both year-over-year and sequentially as maintenance spending continues to improve


and how we are committed to our mission to build one of the great and enduring companies in all of biotechnology.


We've got a balanced mix of male and female patients with both switch and previously untreated patients, who have amenable variance.

we've got a balanced mix of male and female patients with both switch and previously untreated patients who have amenable variants


While we've had challenges related to our offshore businesses, there is some cause for optimism that we're at or very near a bottoming activity.

while we've had challenges related to our offshore businesses there is some cause for optimism that we're at or very near a bottom in activity


Yes. Abengoa has publicly said that they have launched a process

yes bengoah has publicly said that they have launched a process


The only other factor that is relevant is really the fact that we have done a lot of value

the only other factor that is relevant is really the fact that we have done a lot of value


innovate and create a new strategy that will ensure our growth for the future. Going forward, Steve has embraced his new role as Executive Chairman.

innovate and create the new strategy that will ensure our growth for the future going forward steve has embraced his new role as executive chairman


More importantly, all 3 organizations have identified significant market upsides that are available through collaboration.

more importantly all 3 organizations have identified significant market upside that are available through collaboration


We also began subadvising a corporate hybrid preferred securities fund for Shinsei Investment Management

we also began sub-advising a corporate hybrid preferred securities fund for shinsei investment management


At the same time, we continue to make every effort to preserve and improve our position on more challenging credits.

at the same time we continue to make every effort to preserve and improve our position on more challenging credits


As a reminder, we use 2 non-GAAP measures to supplement our GAAP results and to provide a better view of our operations.

as a reminder we use 2 non-gaap measures to supplement our gaap results and to provide a better view of our operations


It comes in the form of technology overlays that are able to complement the core EHR system and then infrastructure.

it comes in the form of technology overlays that are able to complement the core ehr system and then infrastructure


And then lastly, institutionally, there's absolutely no question that with negative interest rates globally,

and then lastly institutionally there's absolutely no question that with negative interest rates globally


certainly speak to the demand for that super spec as you guys have been talking about for a long time. I guess, I'm curious what

certainly speaks to the demand for that super spec as you guys have been talking about for a long time i guess i'm curious what


Before I turn the call back to Mark for his concluding remarks, let me provide an update on several other financial matters.

before i turn the call back to mark for his concluding remarks let me provide an update on several other financial matters


So we really haven't seen a significant increase in new origination loan pricing.

so we really haven't seen a significant increase in new origination loan pricing


Okay. That's helpful. And you're expecting to give us more color on that over the next couple of quarters? Is that what you said?

okay that's helpful and you're expecting to give us more color on that over the next couple of quarters is that what you said


The Americas design business returned to positive organic growth, which is a significant turning point for our largest profit driver

the americas design business returned to positive organic growth which is a significant turning point for our largest profit driver


It will be proportionately smaller and potentially actually smaller as we go forward.

it will be proportionately smaller and potentially actually smaller as we go forward


feel fortunate to have, would like to maintain and use, we feel, as a competitive advantage to drive low-cost financing against the assets.

feel fortunate to have would like to maintain and use we feel as a competitive advantage to drive low-cost financing against the assets


progress side, can you give us a little color as to where you are? And you implied that there were going to be some product

progress site can you give us a little color as to where you are and you implied that there were going to be some product


on online estate agents, can you give us any numbers in terms of the proportion of listings that

on online estate agents can you give us any numbers in terms of the proportion of listings that


I really wouldn't add anything other than just in its most simple form. We provide the tons the customer needs.

i really wouldn't add anything other than it's just in its most simple form we provide the tons that customer needs


On the horizon though we've got all of this Cardium that's just now starting to come to fruition. And as we direct

on the horizon though we've got all of this cardium that's just now starting to come to fruition and as we direct


We focused on idea generation, idea capture and idea implementation to improve

we focused on idea generation idea capture and idea implementation to improve


This good results allowed us to sustain our investment efforts in line with our full year guidance

these good results allowed us to sustain our investment efforts in line with our full year guidance


is trying to use the inventory we already have to drive sales more effectively and efficiently. And then

is trying to use the inventory we already have to drive sales more effectively and efficiently and then


So that just sort of reinforces the need to have a great footprint. But they'll be smaller. I mean, that's really what it's going to be about. And

so that just sort of reinforces the need to have a great footprint but they'll be smaller i mean that's really what it's going to be about and


Additionally, in September, our website was relaunched with an enhanced functionality and a refreshed appearance.

additionally in september our website was relaunched with an enhanced functionality and a refreshed appearance


I think you would not appreciate if the payout ratio would jump around every year, if the dividend would jump around every year.

i think you would not appreciate if the payout ratio would jump around every year if the dividend would jump around every year


integration is a strategic priority for our customers because without it, they can't move fast enough on their customer-facing systems. So

integration is a strategic priority for our customers because without it they can't move fast enough on their customer-facing systems so


as we start to dose those patients. And then we'll let that information guide us as to where we go with increased doses.

as we start to dose those patients and then we'll let that information guide us as to where we go with increased doses


but also to kind of withstand any kind of ups and downs with the market, I think we look really, really good. So we continue to kind of make that point that

but also to kind of withstand any kind of ups and downs with the market i think we look really really good so we continue to kind of make that point that


While recent coffee market entrants have chosen to capitalize on delivery combined with heavily discounted offers,

while recent coffee market entrants have chosen to capitalize on delivery combined with heavily discounted offers


and in our action plans to resume the level of consistent profitable growth that both you and we expect.


Before I turn the call over to Juan, I would like to remind everyone that this presentation is proprietary and all rights are reserved.

before i turn the call over to juan i would like to remind everyone that this presentation is proprietary and all rights are reserved


following the explosion of Antofagasta package explosive plant in Chile, we conducted a complete safety review of all plants in the region.

following the explosion of antofagasta package explosive plants in chile we conducted a complete safety review of all plants in the region


We will invest in quality to enhance our products and services and maintain our group's greatest revenue platform.

we will invest in quality to enhance our products and services and maintain our group's greatest revenue platform


but we definitely will devote a lot of time to answer those questions as soon as possible.


is no longer present in the company. So it makes sense for us to more aggressively seek downstream participation

it's no longer present in the company so it makes sense for us to more aggressively seek downstream participation


warranties and reps and expectations from dealers and pricing with dealers and pricing with customers


I'd appreciate if you take my questions and do something about them, okay? Well, we're redoubling our efforts

i'd appreciate if you take my questions and do something about them okay well we're redoubling our efforts and


push us in the other direction, i.e., the relative share of oil and gas business compared to everything else in Sulzer is

push us in the other direction i e our -- the relative share of oil and gas business compared to everything else in sulzer is


please be a little bit more patient if you can. We will come back to you when we have some more to share with you. And we will do so as soon as we can.

please be a little bit more patient if you can and we will come back to you when we have some more to share with you and we will do so as soon as we can


The malware incident has created a headwind, and I would say it does make that target a little bit tougher as we talked a little bit about some of the third quarter

the malware incident has created a headwind and i would say it does make that target a little bit tougher as we talked a little bit about some of the third quarter


needing to book and ship this year. And while they're very optimistic about it and aggressively going out there,

needing to book and ship this year and while they're very optimistic about it and aggressively going out there


Last quarter, we implemented a different format for our quarterly conference call to reserve more time for your questions.

last quarter we implemented a different format for our quarterly conference call to reserve more time for your questions


Charles will review the quarterly results, Blake will review recent strategic and operating initiatives. And after that, we'll open the call to the questions.

charles will review the quarterly results blake will review recent strategic and operating initiatives and after that we'll open the call to the questions


people resources and dollar resources into the point at which that becomes a front-burner item for us.

people resources and dollar resources into the point at which that becomes a front burner item for us


A total of 40 eligible patients with moderate to severely active ulcerative colitis were enrolled across the 3 cohorts

a total of 40 eligible patients with moderate to severely active ulcerative colitis were enrolled across the 3 cohorts


that are outlined in the inter-agency statement. We don't -- I don't want to give out what our percentages are

that are outlined in the interagency statement we don't -- i don't want to give out what our percentages are


and actual performance and results may differ materially from those expressed or implied in these statements due to many important factors.


We also continue to build our bolt-on acquisition funnel for businesses that have earned the right to grow, primarily within Water Quality Systems.

we also continue to build our bolt-on acquisition funnel for businesses that have earned the right to grow primarily within water quality systems


We're benefiting from improved agent productivity in life sales in the home service companies as well as higher sales in Reserve National.

we're benefiting from improved agent productivity and life sales in the home service companies as well as higher sales in reserve national


Organic growth remained strong, but diving just a little bit deeper into the sources of our growth, it was broad-based.

organic growth remained strong but diving just a little bit deeper into the sources of our growth it was broad-based


price going forward, to the extent we're going to talk about it for '16. And then Jim, I think, he'll give you a little deeper dive on Industrial and our thoughts.

price going forward to the extent we're going to talk about it for '16 and then jim i think can give you a little deeper dive on industrial and our thoughts


in which we are doing to drive total shareholder return for a broader investor base. So much, much more to come here.

and which we are doing to drive total shareholder return for a broader investor base so much much more to come here


Both actions will comfortably allow us to accommodate the special distribution using our revolving credit facility.

both actions will comfortably allow us to accommodate the special distribution using our revolving credit facility


We've noted strong sales activity at the project over the last few months, with 21 new bound contracts received since March

we've noted strong sales activity at the project over the last few months with 21 new bound contracts received since march


initially thought when we were talking about this originally. And so the fact that we're affirming

initially thought when we were talking about this originally and so the fact that we're affirming


We also continued to make good progress in leveraging our personnel and general administrative costs as a function of our net revenues,

we also continue to make good progress in leveraging our personnel and general administrative costs as a function of our net revenues


the dynamic that's taken place with that demographic is tantamount to product dumping.

the dynamic that's taking place with that demographic is tantamount to product dumping


talk a little bit about the cash flow and how quickly you think that working capital move can reverse.


As we've described in prior calls, the declines in sales in the legacy Iglo markets have been driven by

as we've described in prior calls the declines in sales in the legacy igloo markets have been driven by


in January of 2013, a few weeks after our presentation. Look at what they've said to their investors, look at the impact that it's had on the stock price.

in january of 2013 a few weeks after our presentation look at what they've said to their investors look at the impact that it's had on the stock price


clawing back and are getting closer to the 30% going into the third quarter,


We also continued to experience steady and strong adjusted EBITDA growth and margin expansion.

we also continue to experience steady and strong adjusted ebitda growth and margin expansion


through signing customers because they like the functionality that we have particularly with the PSCU technology laying over the top. So

through signing customers because they like the functionality that we have particularly with the pscu technology laying over the top so


And then we don't break out the detail of international, as I mentioned. Most of the fourth quarter decline was driven by capital markets,

and then we don't break out the detail of international as i mentioned most of the fourth quarter decline was driven by capital markets


really detrimental effect on the margins at this point in time, the chain margin. And I think that really speaks to the demand

really detrimental effect on the margins at this point in time the chain margin and i think that really speaks to the demand


While I'm pleased with this performance, I will update you later on the work we're doing to further improve upon this.

while i'm pleased with this performance i will update you later on the work we're doing to further improve upon this


Looking at the operational highlights, we can see that strategy is continuing to be rolled out and implemented.

looking at the operational highlights we can see that strategy is continued to be rolled out and implemented


is there any way you can quantify at least the Easter effect in this month? Because I believe in previous years, you've said that the Easter is

is there any way you can quantify at least the easter effect in this month because i believe in previous years you've said that the easter is


because we want to retain our financial flexibility in order to face one


in Japan and Korea and other places. So there are great areas for us to continue to grow out there in the Asia area.

in japan and korea and other places so there are great great areas for us to continue to grow out there in the asia area


We hope to present these interim results at an upcoming symposium on genitourinary cancers

we hope to present these interim results at an upcoming symposium on genital urinary cancers


ways to do this and are comfortable that we have found one that is potent and durable.


make them more intuitive, if we have something in the patient's history, even if they weren't our patient at the time, that we're able to get and understand,

make them more intuitive if we have something in the patient's history even if they weren't our patient at the time that we're able to get and understand


It's also true we've not yet come close to realizing the potential of such a facility.

it's also true we've not yet come close to realizing the potential of such a facility


Did I hear you right that you are planning to be at full utilization there by the end of this year?

did i hear you right that you're planning to be at full utilization there by the end of this year


for next year, I would anticipate it to be a little bit north of that, just because we obviously won't have the benefit of the onetime item

for next year i would anticipate it to be a little bit north of that just because we obviously won't have the benefit of the onetime item


The revenue share between the 2 entities remains subject to completion of a transfer pricing study and subsequent negotiation,

the revenue share between the 2 entities remains subject to completion of a transfer pricing study and subsequent negotiation


we had sold significantly -- or not significantly but higher basis levels and index values than we did all of last year, which was very weak.

we have sold significantly -- or not significantly but higher basis levels and index values than we did all of last year which was very weak


and look to kind of partner with them to bring that solution in. That obviously dramatically simplifies all of the things that we have to deal with, right?

and look to kind of partner with them to bring that solution in that obviously dramatically simplifies all the things that we have to deal with right


Several new products were introduced in the quarter, including a generic allergy treatment using our nasal spray system.

several new products were introduced in the quarter including a generic allergy treatment using our nasal spray system


We have a rich set of opportunities in Advanced Packaging and the right set of products to effectively compete,

we have a rich set of opportunities in advanced packaging and the right set of products to effectively compete


There, you've got a strong town center, a fantastic park and open space and playground at the heart of that community,

there you've got a strong town center a fantastic park and open space and playground at the heart of that community


higher aircraft maintenance and modification services and passenger transportation services, primarily for the Defense Department,

higher aircraft maintenance and modification services and passenger transportation services primarily for the defense department


So that's generally been the trend. As to what might be the impact on that going forward with the introduction of,

so that's generally been the trend as to what might be the impact on that going forward with the introduction of


absolutely critical. So we find ourselves actually working more and more with market partners in ways to sort of come up with new and innovative solutions,

absolutely critical so we find ourselves actually working more and more with market partners in ways to sort of come up with new and innovative solutions and


are we -- should we start thinking that you might not be producing as much top line going forward organically because of a reaction to a soft market?


The format of the call will be an introduction by Barry, then Simon will provide details on the financials. We will then have time for questions.

the format of the call will be an introduction by barry then simon will provide details on the financials we will then have time for questions


And if you go a step further and where our catalog in our products going to go over the next year or so,

and if you go a step further and where our catalog and our products going to go over the next year or so


Another important aspect was for us the location offers enough opportunity for further growth in the following years

another important aspect was for us the location offers enough opportunity for further growth in the following years


At the same time, we need to do more to improve performance in the short term, which is evidenced by our actions announced today.

at the same time we need to do more to improve performance in the short term which is evidenced by our actions announced today


In addition to this, we have begun expanding our overseas design resources and are developing an engineering center of excellence in Taiwan,

in addition to this we have begun expanding our overseas design resources and are developing an engineering center of excellence in taiwan


You should also know that we're spending a significant amount on our tax structure that is below the line, and that will have benefits

and you should also know that we're spending a significant amount on our tax structure that is below the line and that will have benefits


As Fred mentioned, we are proud of the terrific service we have provided even on some of the busiest days in the history of FedEx.

as fred mentioned we are proud of the terrific service we have provided even on some of the busiest days in the history of fedex


one, because of the escalators in the contracts we just signed and, secondly, because there's just so many contracts that are up next year.

one because of the escalators in the contracts we just signed and secondly because there's just so many contracts that are up next year


as I've talked about our business and margins have increased in many of the areas, when you talk about

as i talked about our business and margins have increased in many of the areas when you talk about


let's talk about the Middle East, the one that we already closed. That business has the same margin as every other business.

let's talk about the middle east the one that we already closed that business has the same margin as every other business


as well as our Investor Day presentation and webcast, along with other important information about Garrett.

as well as our investor day presentation and webcast along with other important information about garrett


the required distribution channels to efficiently place product to customers without incurring significant price reductions.


there's no surprise about Fort Hills. We've known for a long time we were moving into a position of length.

you know there's no surprise about fort hills we've known for a long time we were moving into a position of length


This included a significant proportion of patients in whom antipsychotics were used to treat mood disorder.

this included a significant proportion of patients in whom antipsychotics were used to treat mood disorder


and financial outlook for the next 3 years. We received a lot of positive feedback. And for those of you who may have missed it

and financial outlook for the next 3 years we received a lot of positive feedback and for those of you who may have missed it


both to residential credit as well as to make additional share repurchases. So the overall portfolio leverage

both to residential credit as well as to make additional share repurchases so the overall portfolio leverage


across several industry sectors really customers coming in for rental demand. So I know, Dennis, you can give them a little color on where we're seeing it.

across several industry sectors really customers coming in from rental demand so i know dennis you can give them a little color on where we're seeing it


and we are scheduled to go live later this quarter, which is, again, is why we're really trying to work with those retailers to pull that revenue

and we are scheduled to go live later this quarter which is again is why we are really trying to work with those retailers to pull that revenue


And so you can imagine, we booked margin much better than that in the quarter that brought the average up about 30 basis points.

and so you can imagine we booked margins much better than that in the quarter that brought the average up about 30 basis points


And I think our track record shows that we're not afraid to take bold action if we believe shareowners will benefit in the long term.

and i think our track record shows that we're not afraid to take bold action if we believe sharing us will benefit in the long term


First of all, much of the political revenue we receive is down ballot, either on federal or state or local elections.

first of all much of the political revenue we receive is down ballot either on federal or state or local elections


we view pricing as stabilizing despite market inventories that are lower but still above historical levels.


on various aspects of the setup as well as the commissioning of the operations line, which was completed in September.

on various aspects of the setup as well as the commissioning of the operations line which was completed in september


The commercial truck market is a critically important market segment globally and in China.

the commercial truck market is a critically important market segment globally and in china


just tell us what your leverage was at the end of the quarter as it relates to your debt covenant and what your borrowings were under your credit facility?

can you just tell us what your leverage was at the end of the quarter as it relates to your debt covenant and what your borrowings were under your credit facility


obviously, we have been focused a lot on this proposed deal over the last several months. And no doubt it's impacted

obviously we have been focused a lot on this proposed deal over the last several months and no doubt it's impacted


This increase was mainly attributable to the costs related to the launch of the new Syniverse brand during the quarter that Dean described earlier.

this increase was mainly attributable to the costs related to the launch of the new syniverse brand during the quarter that dean described earlier


Can we expect to see a greater contribution from overseas customers going forward? And if so,

can we expect to see a greater contribution from overseas customers going forward and if so


the end of the year to say how much stock we might need to repurchase. And they get the opportunity to at least

the end of the year to say how much stock we might need to repurchase and they get the opportunity to at least


for those cars that have been repaired, we've been going through hail sale events in the first few months.

for those cars that have been repaired we've been going through hail sale events in the first few months


Its very strong and capable team is ready to not only repeat Crombie's first decade of growth, but exceed it by executing against the great opportunities

very strong and capable team is ready to not only repeat crombie's first decade of growth but exceeded by executing against the great opportunities


On the other hand, I think we want to see how things play out as we go through the first couple of quarters

on the other hand i think we want to see how things play out as we go through the first couple of quarters


We have launched several key initiatives around assortment and inventory management that will lower our overall inventory days of supply,

we have launched several key initiatives around assortment and inventory management that will lower our overall inventory days of supply


to raise our minimum store manager salary to this level because it is a most worthwhile investment in our employees


And with that, I would like to turn the call back over to Joel to provide some closing comments before we open it up for questions.

and with that i would like to turn the call back over to joel to provide some closing comments before we open it up for questions


Rather, the independent investment consultant would create these models utilizing our active proprietary product.

rather the independent investment consultant would create these models utilizing our active proprietary product


You know, it is not comparable in terms of produced water to what is going on in the Delaware,

it is not comparable in terms of produced water to what is going on in the delaware


we certainly see an opportunity to leverage not only the commissary itself, but the learnings that Holiday has in terms of

we certainly see an opportunity to leverage not only the commissary itself but the learnings that holiday has in terms of


We are optimistic about the opportunities this presents, and we expect to share more on what we are evaluating next quarter.

we are optimistic about the opportunities this presents and we expect to share more on what we are evaluating next quarter


logging that takes place after the fires. And I just wondered if you could kind of help us as we think about the puts and takes there?

logging that takes place after the fires and i just wondered if you could kind of help us as we think about the puts and takes there


added to that momentum with another strong result on both the top and bottom line driven by a mix of organic growth


and we would expect in the future that growth to be driven by volume not price. And we spoke a little bit about that earlier.

and we would expect in the future that growth to be driven by volume price and we spoke a little bit about that earlier


And again, if and when competition does occur, we would anticipate that we would be competing in a branded space

and again if and when competition does occur we would anticipate that we would be competing in a branded space


and believe the timing was right to accelerate the CEO change, while still allowing me the opportunity to help Darren until I retire.

and believe the timing was right to accelerate the ceo change while still allowing me the opportunity to help darren until i retire


That said, we operate across a number of end markets and geographies that remain uneven and a bit volatile.

that said we operate across a number of end markets and geographies that remain uneven and a bit volatile


If you remove the impact from the Alternative Carrier business, our revenue for the quarter is consistent with the same year-ago period.

if you remove the impact from the alternative carrier business our revenue for the quarter is consistent with the same year-ago period


and demonstration of quality that one needs to do. So we took a step-wise approach to get the facility back up and running,

and demonstration of quality that one needs to do so we took a stepwise approach to get the facility back up and running


Looking ahead, DSOs will increase gradually as a mix shift to enterprise from commercial continues.

looking ahead dsos will increase gradually as a mix shift to enterprise from commercial continues


in the same way motivated as deliverers of PostNL and that's because they want to do their -- the job as good as possible.

in the same way motivated as the livers of postanal and that's because they want to do the job as good as possible


And a important point to note is that our working capital is also significantly influenced

and a important point to note is that our working capital is also significantly influenced


I'm wondering what type of a time frame that any of these or all of these different initiatives

i'm wondering what type of a time frame that any of these or all of these different initiatives


performance from an operating income perspective in the second and third quarter of last year, and it really tailed off so quickly.

performance from an operating income perspective in the second and third quarter of last year and it really tailed off so quickly


while at the same time, improving our customers' operating efficiency or reducing their operating costs.

while at the same time improving our customers' operating efficiency or reducing their operating costs


We have a combination of 8 company-owned, managed or licensed restaurants and unique food and beverage hospitality deals

we have a combination of 8 company-owned managed or licensed restaurants and unique food and beverage hospitality deals


we are very pleased with the results and expect to build on the success of these first shows under our ownership as we get to know these properties even better.

we are very pleased with the results and we expect to build on the success of these first shows under our ownership as we get to know these properties even better


And we continue to invest here to provide new formats to landlords as they reconfigure their space.

and we continue to invest here to provide new formats to landlords as they reconfigure their space


those draws continue to come fast and furious and that led to -- leads to our optimism for a


And -- so in terms of what the particular growth rates are going to be, I would say it's less than what it has been historically.

and so in terms of what the particular growth rates are going to be i would say it's less than what it has been historically


Before we get started, I'd like to note that today's discussion will contain forward-looking statements based on the business environment as we currently see it

before we get started i'd like to note that today's discussion will contain forward-looking statements based on the business environment as we currently see it


We came away from the meeting with a much-needed clarity on how to move sparsentan forward as expeditiously as possible.

we came away from the meeting with a much-needed clarity on how to move sparsentan forward as expeditiously as possible


or will you be financing that externally. And the second question is by redeeming the convertible bonds,

or will you be financing that externally and the second question is by redeeming the convertible bonds


The acquisition of Upverter represents a significant step in the implementation of our cloud strategy.

the acquisition of operator represents a significant step in the implementation of our cloud strategy


And at this time there are no further questions. I'd now like to turn the conference back to Mr. Lautenbach for any closing remarks.

and at this time there are no further questions i'd now like to turn the conference back to mr lattenbach for any closing remarks


increasing external focus with customers and investors, and finally, improving financial visibility.

increasing external focus with customers and investors and finally improving financial visibility


So it's the smart move to pick your battles carefully and focus on the work that you think is going to be most

so it's the smart move to pick your battles carefully and focus on the work that you think is going to be most


But please do not consider that SiC is only for power modules.

but please do not consider that sik is only for power modules


consistently falling as people and shoppers chose to go elsewhere for their facilities and experiences that they desired.

consistently falling as people the shoppers chose to go elsewhere for their facilities and experiences that they desired


June 30. It didn't quite close through the bankruptcy court on June 30. It closed the very first business day of July.

june 30 it didn't quite close through the bankruptcy court on june 30 it closed the very first business day of july


not the least of which is actually starting to give them a road map for as they want to expand, how do they profitability expand in markets around them.

not the least of which is actually starting to give them a road map for as they want to expand how do they profitably expand in markets around them


Those are the right decisions to get that business to the profitability level that we saw in the fourth quarter and for us to be able to continue to build upon that.

those are the right decisions to get that business to the profitability level that we saw in the fourth quarter and for us to be able to continue to build upon that


extremely active for the last year and change. Has there been any change in pricing expectation?

extremely active for the last year and change has there been any change in pricing expectation


We know that there are some legislative processes that could add greater clarity to the situation.

we know that there are some legislative processes that could add greater clarity to the situation


they tend to be in the budgeting process early in January. Tend to be a ramp-up after that point.

they tend to be in the budgeting process early in january tend to be ramp up after that point


We're making good progress, and we are confident that our captive distribution force, leadership position in the educator space

we're making good progress and we are confident that our captive distribution force leadership position in the educator space


Well, thank you, everybody. I'd like to just conclude by saying that we remain in very good shape to deliver a very solid year

well thank you everybody i'd like to just conclude by saying that we remain in very good shape to deliver a very solid year


what are you seeing beneath the overall macro environment in terms of the execution of Industrial Environmental? And

what are you seeing beneath the overall macro environment in terms of the execution of industrial environmental and


If it stays warm whereas that probably did not help our market in the winter, it would help the coal market a lot in the summer,

if it stays warm whereas that probably did not help our market in the winter it would help the coal market a lot in the summer


wall in terms of approaching it that way. Whereas, I think if you continue to charge

in terms of approaching it that way whereas i think if you continue to charge


Those are my prepared remarks on the second quarter financial results, and I now will turn it back over to Marcus.

those are my prepared remarks on the second quarter financial results and i now will turn it back over to mark


We will not increase activity if it means eroding our operational performance or increasing our well cost.

we will not increase activity if it means eroding our operational performance or increasing our well cost


One of our top priorities for 2018 is making it easier for advisers and their clients to do business with us.

one of our top priorities for 2018 is making it easier for advisers and their clients to do business with us


Can you remind us of the incremental capacity there and the expected ramp-up period for that project?

can you remind us of the incremental capacity there and the expected ramp-up period for that project


Our opportunity, of course, continues to be on the top line, and that has been driven by disappointing traffic metrics.

our opportunity of course continues to be on the top line and that has been driven by disappointing traffic metrics


Our periodic reports are available from the company or online on the company's website or the SEC website.

our periodic reports are available from the company or online on the company's website or the sec website


where average customers could not tell, were they interacting with a computer or were they interacting with a human being?

where average customers could not tell were they interacting with a computer or were they interacting with a human being


Can you help us bridge the gap between the wage inflation that you're seeing and sort of your reported labor costs?

can you help us bridge the gap between the wage inflation that you're seeing and sort of your reported labor costs


but with a return to growth in 2018. Our third quarter results were also negatively impacted

but with a return to growth in 2018 our third quarter results were also negatively impacted


to the state tax rates. Nonetheless, we feel comfortable giving an outlook that the 2018 effective tax rate is likely to be

to the state tax rates nonetheless we feel comfortable giving an outlook that the 2018 effective tax rate is likely to be


So when the Sea Ray announcement came, when we had to shift people that way, this wasn't a, hey, guess what, we have a new product for you. This was

so when the sea ray announcement came when we had to shift people that way this wasn't a -- hey guess what we have a new product for you this was


I -- we don't typically break it down by segment, but when you think about -- when we say premium, you think about all the different brands we have.

i -- we don't typically break it down by segment but when you think about -- when we say premium you think about all the different brands we have


It'll be offset in the tax line below and is earnings neutral, but will create the visual of contracting net interest margins.

it will be offset in the tax line below and is earnings neutral but will create the visual of contracting net interest margins


And I'm happy to observe now that it seems like in the prepaid, decline in revenues is starting to flatten out.

and i'm happy to observe now that it seems like the pre-paid decline in revenues is starting to flatten out


with a longer-term expectation that, that market will tighten and you will have an opportunity to realize upside there?

with a longer-term expectation that that market will tighten and you will have an opportunity to realize upside there


and solidified 2 new substantial collaborations based on our GalXC platform with Eli Lilly

and solidified 2 new substantial collaborations based on our galxe platform with eli lilly


We see continued progress with other potentially large life science accounts that are designing us into their equipment.

we see continued progress with other potentially large life science accounts that are designing us into their equipment


are based on management's expectations, depend on assumptions that may be incorrect or imprecise and

are based on management's expectations depend on assumptions that may be incorrect or imprecise


to gain efficiency in the time to market of our products and services but very close to the customer front.


creates an approximately 50 basis point headwind. So we're now likely to be at the lower end of that range.

creates an approximately 50 basis point headwind so we're now likely to be at the lower end of that range


But at the same time, we did see margin improvements in business wireline and international.

but at the same time we did see margin improvements in business wireline and international


be a continuous and unchanged development during the year. Always trying to reinforce geographical or technological positions

be a continuous and unchanged development during the year or is trying to reinforce geographical or technological positions


We also expect some more efficiencies in terms of operations during this quarter.

we also expect some more efficiencies in terms of operations during this quarter


line I'd like to point you towards is the 5th row, return on sales. This is also excluding the cost of uplift

line i'd like to point you towards is the fifth row return on sales this is also excluding the cost of uplift


We experienced some increases in direct and indirect costs related to the shutdown of Hillsboro's Deer Run Mine

we experienced some increases in direct and indirect costs related to the shutdown of hillsboro's year-round mine


Additionally, we will refer to some non-GAAP financial measures on this call and certain measures presented on a constant currency basis.

additionally we will refer to some non-gaap financial measures on this call and certain measures presented on a constant currency basis


As you can tell, I'm pretty confident about where Altium is in terms of its preparation for the next phase of growth.

as you can tell i'm pretty confident about where alstom is in terms of its preparation for the next phase of growth


We continue to validate this technology through designs that provide customers unparalleled value through significant improvements in weight,

we continue to validate this technology through designs that provide customers unparalleled value through significant improvements in weight


Any further increases in the Bank of Canada's overnight rate would also be expected to have a positive impact on this key metric.

any further increases in the bank of canada's overnight rate would also be expected to have a positive impact on this key metric


In the meantime, we will continue to focus on a variety of strategic initiatives to increase the awareness, availability and affordability of home standby generators.

in the meantime we will continue to focus on a variety of strategic initiatives to increase the awareness availability and affordability of home standby generators


It is part of the reason that we told you we might see some short-term volatility in the hog prices as

it is part of the reason that we've told you that we might see some short-term volatility in the hog prices as


We've been successful with that in the past. So I guess the answer to your question is, is that we look at our harvest levels on a daily basis.

we've been successful with that in the past so i guess the answer to your question is is that we look at our harvest levels on a daily basis


all of which will be delivered in a very well-established environment of world-class risk management for the benefit of our shareholders.


We remain an important financier of small business and infrastructure, and we're also a custodian of the nation's savings.

we remain an important financier of small business and infrastructure and we are also a custodian of the nation's savings


can be found in our press release posted on our website at knowles.com, including a reconciliation to the most directly comparable GAAP measures.

can be found in our press release posted on our website at knowles com including a reconciliation to the most directly comparable gaap measures


While I will defer to Paul to cover the numbers later in the call, our Commercial Real Estate segment had an excellent quarter

while i will defer to paul to cover the numbers later in the call our commercial real estate segment had an excellent quarter


the FX. So I'm just curious, is that the right way to think about it, that the core business outside of that is accelerating and if there's anything else in there?

the fx i'm just curious is that the right way to think about it that the core business outside of that is accelerating and if there's anything else in there


Looking at the integrated portfolio, each segment plays a role in the success of the overall group.

looking at the integrated portfolio each segment plays a role in the success of the overall group


But the good news is by having those cases continue to be in the relevant jurisdictions rather than under one case,

but the good news is by having those cases continue to be in the relevant jurisdictions rather than under one case


than anyone out there and that there will be synergies, as you pointed out, in your research earlier this year,

than anyone out there and that there will be synergies as you pointed out in your research earlier this year


get our products in the hands of people with diabetes and to accelerate our momentum as we drive towards building a strong install base.

get our products in the hands of people with diabetes and to accelerate our momentum as we drive towards building a strong installed base


However, we expect some continued modest impact until the situation stabilizes. As a reminder,

however we expect some continued modest impact until the situation stabilizes as a reminder


As we stack more of these larger, quality cohorts throughout the course of this year, we continue to believe they will fuel long-term growth.

as we stack more of these larger quality cohorts throughout the course of this year we continue to believe they will fuel long-term growth


better in the stores. I would say we're -- if you ask us where we are on that, we're just getting started

better in the stores i would say we're -- if you ask us where we are on that we're just getting started


to improve margins as they finish the implementation efforts and transition to the ongoing servicing work for our platform clients.


and we are very confident about the future of the Global 7000 moving forward. So all in all,

and we are very confident about the future of the global 7000 moving forward so all in all


We need to expand our trading volume, construct a stronger network

we need to expand our trading volume construct a stronger network


and whether they have any relevance to the future development of AB-452, the class of molecules or the mechanism of action.

and whether they have any relevance to the future development of ab-452 the class of molecules or the mechanism of action


You may disconnect your lines at this time. Thank you for your participation.

you may disconnect your lines at this time thank you for your participation


Its close proximity to Orca means that we have the opportunity to start operations on a small scale, utilizing the existing infrastructure

its close proximity to orca means that we have the opportunity to start operations on a small scale utilizing the existing infrastructure


Through the balance of 2016, we expect to spend relatively modest maintenance CapEx for Orca and our terminals.

through the balance of 2016 we expect to spend relatively modest maintenance capex for orca and our terminals


No. I think that's not necessarily the case. We do have a strong services part of our business which is unrelated to the environment.

no i think that's not necessarily the case we do have a strong services part of our business which is unrelated to the environment


Relative to our expectations, we are realizing some early benefits from our efforts to drive greater efficiency and effectiveness.

relative to our expectations we are realizing some early benefits from our efforts to drive greater efficiency and effectiveness


timely release that information so that you guys can all get a good sense of how we're looking at this.


become more seasonal due to the significant growth of our ground traditional campus and due to the shift in the start dates and breaks between years.


So a lot of variables to think about, and that's what really underpins my comment about just being cautious.

so a lot of variables to think about and that's what really underpins my comment about just being cautious


Also note that the content of this conference call contains time-sensitive information that is accurate only as of today,

also note that the content of this conference call contains time-sensitive information that is accurate only as of today


We'll have more details on these amounts when we report our first quarter results in April. And with that, I'll conclude our prepared remarks.

we'll have more details on these amounts when we report our first quarter results in april and with that i'll conclude our prepared remarks


and in a way that makes it easier for these consumers to become financially healthy. This is at the core of our strategy and what's fueling our growth today.

and in a way that makes it easier for these consumers to become financially healthy this is at the core of our strategy and what's fueling our growth today


to be able to continue to supply customers. And right now we don't think we'll have a material impact on any of our customers as a result of this.

to be able to continue to supply customers and right now we don't think we'll have a material impact on any of our customers as a result of this


They have great expertise. And what they're doing basically is selecting out of the larger group of PBM's available,

they have great expertise and what they're doing basically is selecting out of the larger group of pbms available


speed the introduction of new products out of Wabash Composites and continue our expansion in the growing food storage and processing area

speed the introduction of new products out of wabash composites and continue our expansion in the growing food storage and processing area


we were one of the exhibitors this year. I stayed there to meet with customers face-to-face.

we were one of the exhibitors this year i stayed there to meet with customers face-to-face


Earnings for the Oriental joint venture were also up, mainly on a more favorable sales mix and lower currency remeasurement losses.

earnings for the oriental joint venture were also up mainly on a more favorable sales mix and lower currency remeasurement losses


you could actually see barrels back up into the Permian Basin, simply because something happened on the coast. And we're certainly providing

you could actually see barrels back up into the permian basin simply because of something that happened on the coast and we're certainly providing


Victoria was somewhat flat year-on-year, but this was not unexpected given it was the last year of the current access arrangement.

victoria was somewhat flat year-on-year but this was not unexpected given it was the last year of the current access arrangement


Our Enterprise Asset Management System is an integrated asset management system to enable us to deliver energy

our enterprise asset management system is an integrated asset management system to enable us to deliver energy


In 2016's difficult operating environment, we have focused on driving new business gains by helping customers to lower their costs.

in 2016's difficult operating environment we have focused on driving new business gains by helping customers to lower their costs


With that, I'll turn it back to Fred for closing remarks. Thanks, Tom. As we enter the second half of the year

with that i'll turn it back to fred for closing remarks thanks tom as we enter the second half of the year


whether there is any market segment where you could probably have


you just can't have everyone overbuilding at once. So I am hopeful that this one will be

you just can't have everyone overbuilding at once so i am hopeful that this one will be


we see a pathway for others to be disciplined as we have. But obviously, we need to see execution on that -- in that regard.

we see a pathway for others to be disciplined as we have but obviously we need to see execution on that -- in that regard


in that process. We're making sure we understand customer needs and expectations. There'll be some paperboard integration opportunities for us

in that process we're making sure we understand customer needs and expectations there'll be some paperboard integration opportunities for us


We have taken steps to offer a full range of products to our customer base to meet either investment needs or long-term income needs.

we have taken steps to offer a full range of products to our customer base to meet either investment needs or long-term income needs


California has been a great story for us in the second quarter. We saw the -- it's really driven by the private side.

california has been a great story for us in the second quarter we saw the price really driven by the private side


So we feel very good about the fundamental demand drivers and about the leading indicators of near-term shipments.

so we feel very good about the fundamental demand drivers and about the leading indicators of near-term shipments


rumors or there's a lot of news coming out of Brazil. It seems like it's a fairly challenged situation there. So you guys have

rumors or there's a lot of news coming out of brazil seems like it's a fairly challenged situation there so you guys have


but at this point in time at this stage of negotiations, we're really going to shy away. In fact, we're not going to make any comment on pricing.

but at this point in time at the stage of negotiations we're really going to shy away in fact we're not going to make any comment on pricing


with all our segments contributing to strong overall results. And with that, let me turn it back over to Mark to review our financial results.

with all our segments contributing to strong overall results and with that let me turn it back over to mark to review our financial results


They've also grown faster than the general air cargo markets over a long period of time as well, I might add.

they've also grown faster than the general air cargo markets over a long period of time as well i might add


and how you make these products, how you source them and all those other factors are very, very precise.

and how you make these products how you source them and all those other factors are very very precise


The event strengthens our relationships with our partners and is a great vehicle to develop new opportunities for the year ahead.

the event strengthens our relationships with our partners and is a great vehicle to develop new opportunities for the year ahead


part of a tax extenders package, similar to the way it was done last year. And

part of a tax extenders package similar to the way it was done last year and


so we can note that this time, field service performance from the volume point of view was stronger than in parts.

so we can note that this time field service performance from the volume point of view was stronger than in parts


because of the sites where they are, because of the conditions that we have achieved in hardware. So

because of the sites where they are because of the conditions that we have achieved in hardware so


We believe that many of the issues that affected third quarter revenues are likely to impact our performance in the fourth quarter.

we believe that many of the issues that affected third quarter revenues are likely to impact our performance in the fourth quarter


So this is in summary, our short presentation for this morning. And now I would like to open the floor to questions.

so this is in summary our short presentation for this morning and now i would like to open the floor to questions


We will stick to what we do best, providing our customers with the right products to improve their financial standing and flexibility.

we will stick to what we do best providing our customers with the right products to improve their financial standing and flexibility


I'll begin today's call with a business update. Gerry will review the financials and guidance, and then we'll open it up for your questions.

i'll begin today's call with the business update jerry will review the financials and guidance and then we'll open it up for your questions


committed to continuing to drive shareholder value through strong operating results, profitable new business and focused deployment of our available capital.

committed to continuing to drive shareholder value through strong operating results profitable new business and focused deployment of our available capital


Well, if you look at the second half of the year, we do expect to receive a little bit more of a headwind associated with

well if you look at the second half of the year we do expect to receive a little bit more of a headwind associated with the


pulling lots of the most talented people in the company together to ensure we're defining the platform of how we want to operate Rotork going forward. So

pulling lots of the most talented people in the company together to ensure we're defining the platform of how we want to operate rotork going forward so


We'll probably call through another line of that and kill another round of them because, again, you take these off in layers and say

we'll probably call through another line of that and kill another round of them because again if you take these often layers and say


Importantly, as we look to expand our presence in SMA, we are also excited about the potential for gene therapy as a complementary mechanism.

importantly as we look to expand our presence in sma we are also excited about the potential for gene therapy as a complementary mechanism


As always, please do not hesitate to reach out should you have any questions regarding these new metrics and disclosures. Now let me turn the call over to Carlos.

as always please do not hesitate to reach out should you have any questions regarding these new metrics and disclosures now let me turn the call over to carlos


adjusts our GAAP quarterly results by eliminating special charges and then applies the tax rate to the result.

adjusts our gaap quarterly results by eliminating special charges and then applies the tax rate to the result


is in line with our revenue increase if you look at the some of the trend numbers that we showed you earlier. So I think it's stabilized

is in line with our revenue increase if you look at the -- some of the trend numbers that we showed you earlier so i think it's stabilized


This is an important longer-term option for us, and we will keep all avenues open to realize value from this asset.

this is an important longer-term option for us and we will keep all avenues open to realize value from this asset


We also took additional cost actions in Mexico and Brazil to respond to the tough economic conditions there.

we also took additional cost actions in mexico and brazil to respond to the tough economic conditions there


and we are looking at taking several steps to restructure this business, and we'll update you when we meet again for the Q4 result.

and we are looking -- taking several steps to restructure this business and we'll update you when we meet again for the q4 results


And although not materially impacting revenue in 2016, we are encouraged by the early reception that we're receiving from our clients

and although not materially impacting revenue in 2016 we are encouraged by the early reception that we're receiving from our clients


Many of our assets have been put on shortly before the downturn in oil and gas prices and production levels were curtailed.

many of our assets have been put on shortly before the downturn in oil and gas prices and production levels were curtailed


Given the fact that we did provide a significant amount of information just a couple of weeks ago, my prepared remarks today will be relatively brief.

given the fact that we did provide a significant amount of information just a couple of weeks ago my prepared remarks today will be relatively brief


We have seen the volume of collectibles submitted to us for grading increase dramatically in the last 12 months.

we have seen the volume of collectibles submitted to us for grading increase dramatically in the last 12 months


Execution of our remediation plan is progressing with a sense of urgency. However, fixing these issues in the right way takes time.

execution of our remediation plan is progressing with a sense of urgency however fixing these issues in the right way takes time


During the transaction close process, we made the decision to conform MuleSoft's revenue recognition policy to Salesforce's policy

during the transaction close process we made the decision to conform nielsensoft's revenue recognition policy to salesforce's policy


Before reviewing the forward-looking statements, as retiring CFO, I wanted to express my gratitude and appreciation

before reviewing the forward-looking statements as retiring cfo i wanted to express my gratitude and appreciation


We've lined up a strong product pipeline to be launched over the next 12 months, with about 1 new product launch

we've lined up a strong product pipeline to be launched over the next 12 months with about one new product launch


And therefore, in the mix, the ForEx does really have an impact on the overall, margin mix that we do have.

and therefore in the mix the forex does really have an impact on the overall margin mix that we do have


for the quarter, discuss trends and developments in our industry and business, and the outlook for the rest of the year.

for the core discuss trends and developments in our industry and business and the outlook for the rest of the year


our best opportunity to have very efficient capital for the long term, but it is -- we are in the early stages, very early stages of that project.

our best opportunities to have very efficient capital for the long term but it is -- we are in the early stages very early stages of that project


In the middle of June, we announced that the study had been fully enrolled, and all subjects had received at least their first dose.

in the middle of june we announced that the study had been fully enrolled and all subjects had received at least their first dose


Slide 12. We thought it would also be helpful to give an illustration of our business model. As you can see from this slide,

slide 12 we thought it would also be helpful to give an illustration of our business model as you can see from this slide


and we believe that as reimbursement and the consistency in favorable payment policies continue to be established

and we believe that as reimbursement and the consistency and favorable payment policies continue to be established


We've seen tremendous progress they've made in some areas such as payroll and freight with some of their investments.

we've seen tremendous progress they've made in some areas such as payroll and freight with some of their investments


cooked at home in less than a half hour from our recipe that we've developed over a period of time

cooked at home in less than a half hour from our recipes that we've developed over a period of time


We reduced our operating expenditures, streamlining and focusing our operations through the implementation of a company-wide restructuring

we reduced our operating expenditures streamlining and focusing our operations through the implementation of a company-wide restructuring


of those institutions, the needs grow stronger within those constituencies, and there is an increased usage of our reports

of those institutions that the needs grow stronger within those constituencies and there is an increased usage of our reports


We are making good progress in Texas, and the issues we identified in Ohio in the first quarter are substantially resolved.

we are making good progress in texas and the issues we identified in ohio in the first quarter are substantially resolved


Except as required by law, the company undertakes no duty to update these forward-looking statements that are made during the course of this call.

except as required by law the company undertakes no duty to update these forward-looking statements that are made during the course of this call


we know that supply has become more of an issue in the BC Interior, yet at the same time, we know there's probably going to be a lot of salvage

we know that supply has become more of an issue in the bc interior yet at the same time we know there's probably going to be a lot of salvage


We are very committed to our business model of only having franchises,

we are very committed to our business model of only having franchises


but we have our hands full on that, and at the same time we are working on next projects and also

but we have our hands full on that and at the same time we are working on next projects and also


from the traditional diesel to electric. And it's our understanding and plan that they'll all be with our systems as well.

from the traditional diesel to electric and it's our understanding and plan that they'll all be with our systems as well


And with that services that they can now provide, they're able to bring

and with that services that they can now provide they're able to bring


We believe we have the right assets and strategies in place and are focused on executing our key priorities.

we believe we have the right assets and strategies in place and are focused on executing our key priorities


In 2017, the underlying rate of base business price erosion is likely to be high single digit

in 2017 the underlying rate of base business price erosion is likely to be high single digit


For the most part, we're not paying a lot of attention to the limestone auctions. We're particularly interested in base metal auctions when they come up.

for the most part we're not paying a lot of attention to the limestone auctions we're particularly interested in base metal auctions may come up


there can always be changes in markets. What we're giving a perspective on today is what we're seeing in the market.

there can always be changes in markets what we're giving a perspective on today is what we're seeing in the market


If this really comes back to the idea of enabling this information transparency between owners, general contractors and the trade contractors.

because this really comes back to the idea of enabling this information transparency between owners general contractors and the trade contractors


In short, on a 3-year basis, our performance fits the growth model we talked about at our Investor Day, with clear acceleration over the last year.

in short on a 3-year basis our performance fits the growth model we talked about at investor day with clear acceleration over the last year


So I think that plays into the strengths of us and the other competitors of ours that you mentioned.

so i think that plays into the strengths of us and the other competitors of ours that you mentioned


and so that kind of maybe plays into managing spending and retaining more cash flow


We are recruiting new people with energy, passion, experience and a deep understanding of a changing and exciting industry

we are recruiting new people with energy passion experience and a deep understanding of our changing and exciting industry


in development and commercialization milestones. The agreement also includes potential royalties on product sales.

in development and commercialization milestones the agreement also includes potential royalties on product sales


The new capacity in Paris adds to our product expansion plans in Paris with openings scheduled for later this quarter

the new capacity in paris adds to our prior expansion plans in paris with opening scheduled for later this quarter


This is a very innovative deal for us at a modest cost in an area which is seeing significant interest

this is a very innovative deal for us at a modest cost in an area which is seeing significant interest


we are increasing investments in a number of core platforms to accelerate growth in 2017 and beyond.


maybe also just some additional context around the benefit from mix in the quarter in terms of how much that contributed?


Our Walmart locations continue to see increased traffic and be well received by customers.

our walmart locations continue to see increased traffic and be well received by customers


educating our environmental groups and others around the need for a firm capacity to assure that we can meet firm load.

educating our environmental groups and others around the need for firm capacity to ensure that we can meet firm load


Actual results may differ materially from those indicated or implied by our forward-looking statements as a result of various factors.

actual results may differ materially from those indicated or implied by our forward-looking statements as a result of various factors


utilizing our unique approach to help educators find additional funds that can be redeployed to retirement savings.


We also saw less pressure from higher polypropylene resin costs in the fourth quarter compared to the prior year.

we also saw less pressure from higher polypropylene resin costs in the fourth quarter compared to the prior year


Now that I've covered early season results, I'd like to discuss our plans for the second half of the season.

now that i've covered early season results i'd like to discuss our plans for the second half of the season


Additional income from the unconsolidated mining operations and modestly improved operating results at the limerock dragline mining operations

additional income from the unconsolidated mining operations and modestly improved operating results at the limerock dragline mining operations


primarily because of an expected decrease in income at Mississippi Lignite Mining Company and a decrease in royalty and other income.

primarily because of an expected decrease in income at mississippi lignite mining company and a decrease in royalty and other income


That's continued into '18. You layer in what '18 has over '17, is the halo of the spinner.

that's continued into '18 you layer in what '18 has over '17 is the halo of the spinner


And assuming that target still holds, do you have any appetite to actually accelerate share repurchase in light of some of those tailwinds as well as your capacity?

and assuming that target still holds do you have any appetite to actually accelerate share repurchase in light of some of those tailwinds as well as your capacity


which actually were positively received despite all of this. Most of our competitors in our categories have high single digit.

which actually were positively received despite all of this most of our competitors in our categories have high single-digit


All right. So now I'm going to turn my attention to ARC and take a few minutes to outline the progress we've been making in the Solutions business.

all right so now i'm going to turn my attention to arc and take a few minutes to outline the progress we've been making in the solutions business


partners. So -- which would have been a little bit of pull forward, obviously. But we didn't really see a lot of that in perspective to the whole quarter

partners so -- which would have been a little bit of pull forward obviously but we didn't really see a lot of that in perspective to the whole quarter


We believe a 6% target is the best estimate as of today, but I did want to point out this nuance in our financial outlook.

we believe the 6% target is the best estimate as of today but i did want to point out this nuance in our financial outlook


we had significant increase basically, thanks to price adjustments in the contract.

we had a significant increase basically thanks to price adjustments in the contract


so -- and that was pretty consistent with what we did in Q2. So again, I think the best way to think about it

so -- and that was pretty consistent with what we did in q2 so again i think the best way to think about it


All of these results, as you have seen, are really embedded in all geographies across all lines of business.

all of these results as you have seen are really embedded in all geographies across all lines of business


This slide illustrates how the CRT transactions are carried on the balance sheet and flow through the income statement.

this slide illustrates how the crp transactions are carried on the balance sheet and flow through the income statement


data traffic growth of 60% in the year and that was in the back of the sustained investment in the network that we took,

data traffic growth of 60% in the year and that was on the back of the sustained investment in the network that we took


Over the past couple of years, we have worked hard to focus our people on managing working capital every day of the year.

over the past couple of years we have worked hard to focus our people on managing working capital every day of the year


So it's all still going the same as I would have said it was going 6 months ago or a year ago.

so it's all still going the same as i would have said it was going 6 months ago or a year ago


But inexorably, we're driven to going over 50% as a company and that's where our focus is on in this next year.

but inexorably we're driven to going over 50% as a company and that's what our focus is on in this next year